Mortgage Lenders Network granted approval to hire Scouler as CRO

By Caroline Salls

Pittsburgh, Feb. 28 - Mortgage Lenders Network USA, Inc. obtained court approval to retain Daniel Scouler of Scouler Andrews LLC as Mortgage Lenders' chief restructuring officer, according to a Wednesday filing with the U.S. Bankruptcy Court for the District of Delaware.

According to the motion, the company's board of directors approved Scouler's appointment as CRO.

Scouler's duties will include assisting in the operations and management of the company's restructuring efforts, and Scouler Andrews will provide staffing at various levels to assist Scouler.

In addition, as a condition to Mortgage Lenders' debtor-in-possession financing, Scouler will have the authority to operate the company's business, including ensuring performance in the servicing and sale of mortgage loans and making organizational changes as he deems necessary.

Mortgage Lenders Network, a Middletown, Conn.-based lending company, filed for bankruptcy on Feb. 5. Its Chapter 11 case number is 07-10146.

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